the X.\ everyone, Good for morning on you I'll I May begin - sorry, X, late by thank reorganization and like was Slide shareholders as in approved that and start closed by on us. discussing good June joining holding to company would our afternoon, which
Group is publicly the become assets. company's traded financial new The the business, investor flexibility operational of provide the the of with Broadcast structure, community Ventures. company. greater while and to Syncline disclosures assets, and on value nonlocal Inc. a within value intent the while the creating both newly financial results transparency the increasing SBG pure-play for local drivers subsidiary, holds Sinclair parent Sinclair media media of Sinclair and Ventures Under has formed the holds
addition, disclosing which our detail financial about market Channel, information reporting as value including assets, non-media as operating our now separate results well Tennis In at regarding now we the segment more estimates management's for are investment a fair more portfolio. is of
analysis, allow I in more reorganization will shortly. and The sum the transparency of flexibility will transactional the valuation detail around which more parts discuss
further access equity assets. will to these financing, Ventures grow more invest flexibility whether have in potentially to additional debt or now or Additionally,
focused overall pure-play Media unlock for division organization. our value will continue to Local and the While transform
firmly core industry, We and local which X. our to is Slide to Turning legacy the media business. committed remain
that transform from share. content impressions and providers companies, grow revenue relevant constraints, remain must However, streaming to increased and competition networks as well the and to as means regulatory technology continued we
cloud data timing $XX why million spending yield savings, and and anticipate distribution, earmarking a We technologies, efforts automation platforms, also sales customer we combination during cost to we're data XX million is ad this on which now XXXX. of permanent and technology, approximately Due year management a embrace must these for platform.
marketing to to capital services, next the multi-platform community and technologies. XX broadcast Over next-gen allocate content intend interactivity, months, cloud we
The through new net focal investments transformation. revenue will and data changes net coming on intend we believe this key are our retrans [indiscernible] the returns We and to sheet timing, the in will focused flow increasing broadcast and we distributed to to balance remain holdings continue free over spectrum unlock plans of migration despite our of to value our debt making renewal execute keenly leading our this point and in business products reduced future drive coming quarters. allow strengthening strategies we leverage flow cash years. on and the to the significant broadcast as streams. investment in due broadcast And part year, industry of next-gen Our a remain cash the
I Senate governmental brief as several and large. directly production regarding organizations negotiate with Competition items Committee X. the Slide journalism, wanted to which broadcast for platforms large big and allow mid-June, to to the tech other news well key the widespread a provide content Preservation at Act passed In Judiciary Turning as broadcasters industry update Sinclair for would distribution.
support of process services SEC update of negotiation and Also initiate Senator to to of direct MVPDs MVPDs definition to live streaming between calling a on the Cantwell, in video the June, allow public carriage address broadcasters. virtual and to expressed the rise
NAB-led NAB for next-gen leadership in X the the announced industry's to transition Show services. May, Rosenworcel, In ongoing broadcasting addition, FCC annual broadcast issues through at panel an work -- group related to to the to grow Chairwoman ATSC
up spectrum older the for services. facilitate wind-down This ATSC more of will the standard dose help capacity which future should open
pleased the are governmental of We and forward coming broadcasters to crucial X regulators with with look working these significant these months. regarding over we developments, and all for legislators issues
minority about owned amplifying and path focus strategic is Slide portfolio its Ventures growth majority On to X, owned a with $X.XX from billion shifting consolidated mostly investments. approximate on
to diversified and of portfolio is our IRR the XX% to target this the asset portfolio assets years an XX%. further regarding ahead. sharing look developments threshold Our We of results an past the of XX% XX for future delivered past, has have investment IRR over in in months to goal strong returning investments forward
Turning to X. Slide
are of Sinclair We increased time separate disclosure financials our Channel first Ventures. for disclosing for part Tennis as for the
note $X with coverage seasonality largely there [ph] Channel's with adjusted of million on total the during the that second which Denison second costs Roland-Garros, associated some and are to During quarter, financials, revenue occurs in side, associated expense operating $XX EBITDA. production quarter. reported million the the We due in particularly Tennis
million range the of International, the year in be range to revenues in full BikoBall in while This the including and TX $XX to Tennis million million, operating fund Channel $XXX $XXX direct-to-consumer, adjusted be to expect to of $XX [ph] million. net We expected growth initiatives, $XX to expenses is million approximately EBITDA includes
market As seen in excludes with calculating X, the which portfolio, along presenting various includes Channel values Ventures Compulse nonmedia around the investment greater and for the fair we're methodologies and also of assets. assets current Tennis disclosure Slide
$X.XX portfolio value of the reflecting see, As the billion. estimates cash total assets you of of position, a current can management's these includes value
the a XX nearly generated these internal a last years. have over XX% reminder, As assets of rate return
quarter, During approximately $X Sinclair distributions million. and investments received $X of of approximately investments the second into million the of made portfolio
investment Going and reducing and forward, focusing control. can Ventures over we the financially stake that part strategy stakes investments Sinclair minority on of will our time in more be majority operationally
our of Turning between fair of to our assets value the and current highlight to discrepancy estimation our Slide XX. valuation. the enterprise current I valuation wanted
as assets of the investment signed our $XX the held X.XX billion current an in total previous billion. was seen table, approximate on XX seen our We slide. the as of As portfolio, value enterprise July valuation in
for valuation and billion drilling Tennis EBITDA Tennis X Compulse using and times gross based times Channel for $X Channel's a trailing approximate an signed have multiple XX-month Compulse. a We on XX multiple
market adjusted for is our for trading with estimated quarter of When Sinclair an an $X.X combined, value yields fair recent this yields billion. fair $X.X a local comps segment, multiple times billion a Local EBITDA average, media basis X market assigning in Ventures, line Media X on approximate valuation which
this of $XX Taking estimated company market fair the unallocated the equity approximate an with XX% for of expenses, implied approximately $XX. corporate price billion, million a current total of almost account value suggesting an yields share annualized approximately discount of implied into $X.X
we we our a scores several the structure current fair While discount acknowledge on to and to asset including remains unjustified. believe deep outcome, the Diamond uncertainty capital values related the our on discount some current issues, of market due realize bankruptcy
assets focused in media and is we valuation as continue Management on this gap invest businesses. closing and our both keenly venture to local
to ways expect gap of this our business. close of broadcast traditional transformation through we valuation the One the is
next-gen create network expect currently provide industry. broadcast on the to XX. and broadcasting the an the Work go quarter first represents core be next Turning solutions what This our distribution network and interconnected Slide of believe data the next to evolution year. We platform. live commercial to of in we national services continues step in platform and for to will
the NextGen recent covered and licensed TV households in XX South of population. broadcast XX developments NextGen live Slide for including of will Reno, To XX deployed of highlights markets Bend approximately broadcast. which our Sinclair markets, represent covering have year-end, with in we our NextGen are By in XX% our recent half in XX% footprint. date, launches over
The the advanced technology towards industry NextGen to billion of information broadcast also launching with formation midpoint an XXXX revenues emergency revenues in to as pilot committed disseminate in features. begin by has crucial to We expect forecast industry $XX XXXX. currently enhanced grows BIA's project
now to call over operational turn Rob will the I for highlights.
